NSCB - Economic and Financial Data - Meta Data - Financial Sector

Financial Sector > Interest Rates

Last certified: 11 April, 2007
Last update: 23 November 2007

Contact Person

Ms. Ludivinia D. Gador
Business Expectations and Leading Indicators Subgroup
Economic and Financial Monitoring Group
Department of Economic Research
Bangko Sentral ng Pilipinas
A. Mabini cor. P. Ocampo Sr. (formerly Vito Cruz St.) Sts.
Malate, Manila 1004 Philippines.

Phone: 632 523 4229
Fax: 63 2 5366920
E-mail: lgador@bsp.gov.ph;

Dissemination Formats

Hardcopy
(x) News release (x) Weekly (x) monthly
(x) quarterly bulletin ( ) Other

Electronic
(x) On-line country bulletin board or database
( ) Diskette ( ) CD ROM ( ) Other

The Data: Coverage, Periodicity, and Timeliness
Coverage characteristics	Data are disseminated on the following interest rates: (1) The BSP Policy Rates (overnight lending and borrowing rates). The BSP Lending Rates are the rates charged by the BSP on its overnight lending to banks through the repurchase facilities. (2) Short-term Government Securities Rates (Treasury Bill Rates) - auction rates. ((3) Long-term Government Securities Rates (2-year, 3-year, 4-year, 5-year, 7-year, 10-year, and 20-year Fixed-Rate Treasury Bonds Rates) - auction rates. (4) The BSP Rediscount Rates. The BSP Rediscount Rate is the rate charged on eligible papers which banks rediscount with the BSP on a short-term basis. It is computed monthly based on the weighted average interest rates of all maturities for peso loans granted. The rediscount rate for peso loans shall be based on the applicable treasury bill rates for the auction held in the week preceding the grant of said loans.
Periodicity	Daily for the BSP Policy Rates (overnight lending and borrowing rates). Weekly for the Treasury Bill rates, 2-year, 3-year, 4-year, 5-year, and 10-year Fixed-Rate Treasury Bonds from weekly auctions. (Weekly auctions for Treasury Bonds started on 7 September 1999 on an alternating basis in the following order: 2-year, 7-year, and 10-year Fixed-Rate Treasury Bonds.) Monthly for the BSP Rediscount rates (Rates are changed monthly.) Generally quarterly for the 5-year Fixed-Rate Treasury Bonds auction rates. Periodically, as the need arises, for the 20-year Fixed-Rate Treasury Bonds auction rates.
Timeliness	At 10:00 a.m. of the next business day for the daily data on the BSP Policy Rates (overnight lending and borrowing rates). On the afternoon of the Monday of the reference week for the weekly Treasury Bill auction rates. On the afternoon of the Tuesday of the reference week for the weekly alternating auction of the 2-year, 5-year, and 10-year Fixed Rate Treasury Bond auction rates. On the last week of the preceding month for the BSP Rediscount Rate for the reference month. On the afternoon of the reference day pre-announced by the Bureau of the Treasury for the 20-year Fixed Rate Treasury Bond auction rates.
Access by the Public
Advance dissemination of release calendar	Data are released on a daily basis, whenever the rate is changed or an auction is held. Flexibility Notes: Philippines is availing itself of Advance Release Calendar (ARC) flexibility for the interest rates data.
Simultaneous release to all interested parties	The daily data on BSP Policy Rates (overnight lending and borrowing rates) are published by the BSP in the newspapers two (2) days after the reference period. The data on Treasury Bill auction rates and the Fixed Rate Treasury Bond auction rates are released simultaneously to all interested parties by posting the data on Telerate, at the instigation of the Bureau of the Treasury immediately after each auction, and by the BSP, through its Corporate Affairs Office, to the general public by issuing the press release "Weekly Key Statistical Indicators". The above rates are subsequently published at the BSP's Internet website's SDDS page http://www.nscb.gov.ph/sdds/nsdp.htm . The BSP Rediscount Rate is first released by posting on the following BSP's Internet sites: (a) home page http://www.bsp.gov.ph ; and (b) SDDS page http://www.nscb.gov.ph/sdds/nsdp.htm. The public are informed of these media releases through a regular notice published in the following BSP press releases: "Key Statistical Indicators: Daily News Release", "BSP Weekly Key Statistical Indicators", and the monthly "Selected Philippine Economic Indicators".
Integrity
Dissemination of terms and conditions under which official statistics are produced, including ... confidentiality of individual responses	The BSP was established in 1993 as an independent and accountable central monetary authority mandated to provide policy directions in the areas of money, banking and credit. The BSP operates under the terms and conditions of R.A. No. 7653 also known as the "New Central Bank Act" approved on June 18, 1993 and Executive Order No. 352 (E.O. 352) entitled Designation of Statistical Activities That Will Generate Critical Data for Decision-Making of the Government and the Private Sector , approved on July 1, 1996, which gave the list of designated statistics. The new Central Bank Act (R.A. No. 7653): 1. Section 23 of the Act authorizes the BSP to obtain information from banks while the new BSP Manual of Regulation for Banks (1997 edition) Part One, Section X162 Reports provides that commercial banks/rural banks shall report monthly/quarterly statements of condition to the BSP. These reports are the basis for generation of banking data. 2. Article V, Section 39, mandates the Monetary Board to publish and submit the condition of monetary aggregates to the President of the Republic of the Philippines and to the Congress not later than ninety (90) days after the reference quarter. Executive Order No. 352 (E.O. 352) Designation of Statistical Activities That Will Generate Critical Data for Decision-Making of the Government and Private Sector: 1. Directs government agencies to implement the activities and generate the statistics (listed in the Annex of this directive) that have been designated by the National Statistical Coordination Board, as critical and essential data for administrators, planners, and policy makers in the government and the private sector. 2. Authorizes the BSP to undertake the compilation and provision of data on money and banking statistics to the Office of the President and to the general public with monthly, quarterly, semestral and annual periodicities and a timeliness of 30-45 days after the reference period. RA No 7563 is referred to in the BSP's "Annual Report" and the public may obtain a copy from Ms. Lorena Pangan, Corporate Affairs Office, Rm 409, 4th Floor, Five-Storey Bldg. Bangko Sentral ng Pilipinas, A. Mabini cor. P. Ocampo Sr. (formerly Vito Cruz St.) Sts. , Malate, Manila 1004 Philippines Telephone no. (632) 525 4823, Fax nos. (632) 523 6210; and e-mail fdelacruz@bsp.gov.ph EO 352 may be obtained from the NSCB, 2/F Midland Buendia Bldg., Sen. Gil Puyat Ave., Ext., Makati City, Philippines. (Fax: 632 8909408; Email: info@nscb.gov.ph)
Identification of internal government access to data before release	No person outside the BSP has access to the data before their release to the public.
Identification of ministerial commentary on the occasion of statistical releases	No ministerial commentary is attached to the release of the data.
Provision of information about revision and advance notice of major changes in methodology	The data are final when first released and are not subject to revision. The public are informed of revisions in methodology at the time changes are introduced through a press release.
Quality
Dissemination of documentation on methodology and sources used in preparing statistics	Footnotes to tables on interest rates showing definitions of terms, derivation procedures, source(s) of data, and dates of last revision, are published in the monthly "Selected Philippine Economic Indicators", and the BSP's " Annual Report".
Dissemination of component detail, reconciliations with related data, and statistical frameworks that support statistical cross-checks and provide assurance of reasonableness	The press release on "Daily Statistical Indicators" shows the BSP R/P rates and Interbank Call Loan Rates for the current day, previous day, week ago, month ago and year ago levels. The press release on "BSP Weekly Key Statistical Indicators" shows data for the latest available week and previous week. Selected Philippine Economic Indicators (SPEI), monthly issue. Under the Financial System Accounts section of the SPEI, the table on Selected Domestic Interest Rates shows data on short-term Treasury Bill Rates for 91day, 182-day and 364-day maturities. Data shown is monthly for the current year and previous two years and annual for the last six years. Report on Economic and Financial Development, quarterly issue. The BSP's quarterly Report on Economic and Financial Development includes an analysis of movements in BSP reverse repurchase and repurchase instruments, BSP key policy rates which are the overnight lending and borrowing rates, and Treasury bills rates. Table 15 Selected Domestic Interest Rates shows quarterly data on these interest rates, in nominal and real terms, for the current and previous eight quarters. Annual Report, annual issue. The BSP's Annual Report includes an analysis of movements in BSP reverse repurchase and repurchase instruments; BSP key policy rates which are the overnight lending and borrowing rates; and Treasury bills rates. Table 7 Selected Domestic Interest Rates shows annual data on these interest rates, in nominal and real terms, for the current and immediately previous year. The information on interest rates disseminated on the BSP Internet webpage http://www.bsp.gov.ph consist of six types: (1) the type of interest rate (all 6 listed in the metadata cell on Coverage); (2) the unit description which is percent per annum for all types; (3) date of the latest observation; (4) the latest data; (5) previous data; and (6) a BSP button linking the page to the detailed tables on interest rates http://www.nscb.gov.ph/sdds/nsdp.htm. Brief description of detailed data: RP Rate is the interest rate on transactions in which one party sells to another party, government securities, and simultaneously agrees to buy back the securities from the former buyer at a predetermined price on a specified future date. RPs may have overnight or term maturities. In this compilation, the rates refer to the BSP's RP rates when it uses its RP facility to lend to banks to accommodate their temporary liquidity requirements. RRP Rate is the interest rate on an RP transaction that has an opposite effect on the parties involved. RRPs are typically contracted between the BSP and banks. They allow the BSP to siphon off liquidity from the banking system on a relatively temporary basis (as compared to the long-term effect of a change in reserve requirements). RRPs may also have overnight or term maturities. Interbank Call Loan Rate is the rate on loans among banks for periods not exceeding 24 hours primarily for the purpose of covering reserve deficiencies. Treasury Bill Rate is the rate on short-term debt instruments issued by the NG for the purpose of generating funds needed to finance outstanding obligations. Treasury bills come in maturities of 91, 182 and 364 days. Time Deposit Rate is the weighted average interest rate charged on interest-bearing deposits with fixed-maturity dates and evidenced by certificates issued by banks. Savings Deposit Rate is the rate charged on all interest-bearing deposits of banks which are withdrawable anytime. It is derived as the ratio of interest expense on peso deposits of all commercial banks to the total outstanding level of these deposits. Bank Average Lending Rate is the weighted average interest rate charged by commercial banks on loans granted during a given period of time. Monthly data is derived as the ratio of actual interest income of all commercial banks on their peso-denominated loans to the total outstanding level of these loans. Lending Rate refers to the range (high and low) of lending rates reported by all commercial banks on a daily basis.